pom
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Post by pom on Feb 18, 2017 16:48:32 GMT
Unless you are auto bidding I don't think you will be likely to get into the sub £100,000 loans. Auto bids are applied first however quickly you may manually bid, and they usually fully fund the small loans. They don't run autobid on the smaller loans As a relative novice in this area was not aware of Autobid-cannot find it on Bridgecrowd website-is this a tool that can be downloaded? No - you have to tell them you want it - it's auto on your part but manual on theirs. And you have to fund your account with enough for 3 loans...
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Greenwood2
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Post by Greenwood2 on Feb 18, 2017 21:15:01 GMT
I have been told before that I didn't get a part in a small loan that seemed to be still available 24 hrs after I bid that auto bidders had filled it, although I had bid the evening before. Looking at these loans (I hadn't read the email) on some auto bid seems to have been not available. Although before I was specifically told that on small loans my bids would inevitably be too late.
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phil
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Post by phil on Feb 20, 2017 23:00:31 GMT
Judging by the high amount of loans appearing on the secondary market just after new loans have been listed it would seem that the secondary market is not so much being used as a tool to raise emergency cash but more as a way to replace older loans with new ones thus avoiding the possibility of defaults.
The net effect is that it's harder to get a piece of a new loan but easier to get a loan nearing it's end or nearing a possible default.
All in all, I think I preferred this platform without a secondary market.
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ben
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Post by ben on Feb 21, 2017 0:28:22 GMT
Same I prefered it before too. Guess it will harder to get into loans now.
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moist
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Post by moist on Feb 21, 2017 7:15:28 GMT
very strange set up, both on PM and SM. You bid, then the platform manually decides if you can buy.......playing god with your money? Every other platform, you bid, you buy.
My last bank transfer in took 3 days to show....transfer out was 'lost'
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Post by doorway on Feb 22, 2017 14:42:59 GMT
Due to investements not showing up on the web sight immeadiatly, I doule invested in the Croydon loan. So I am trying the 2ndary market to sell half, and hopefully reinvest. If successful this seems to me to be a legit way to use this tool.
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phil
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Post by phil on Feb 23, 2017 3:11:31 GMT
Isn't it (a kind of) a zero-sum game, phil ? If the buyers didn't buy on the SM, wouldn't they buy on the PM instead? They have to have funds ready and waiting on the platform, so their intention is to buy something, it seems. If they waited for new stuff, it's guaranteed you're competing with them. If instead they end up picking up something that satisfies on the SM and that money is needed off-platform, someone's potentially done you a favour and eliminated a competitor. No, it isn't a kind of zero-sum game, for the following reason: When a new loan is placed on the platform we are competing with buyers who are buying to simply flip, this means these buyers are removing from the market a new loan we could buy and then off-loading a loan nearing it's end with the possibility of default passed on to fellow investors. The "flipper" is trying to avoid default at the expense of fellow investors and in the process "flippers" are reducing the possibility of fellow investors to invest in a new loan.
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Steerpike
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Post by Steerpike on Feb 23, 2017 10:47:52 GMT
I preferred the platform when there was no SM.
However, it is a market and to work willing buyers and sellers are necessary, surely few among us will be punting £5k on a near term loan?
I was somewhat amused to see that the seller can offer up to 50% discount, but no premium.
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phil
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Post by phil on Feb 24, 2017 4:31:12 GMT
I preferred the platform when there was no SM. However, it is a market and to work willing buyers and sellers are necessary, surely few among us will be punting £5k on a near term loan? I was somewhat amused to see that the seller can offer up to 50% discount, but no premium. I'm very against the SM when it's used as a tool to flip loans thereby reducing fellow investors' access to new loans. Something rather unsavoury for us all to be peers in a social lending platform, we share DD on this P2P forum in a friendly manner and yet some amongst us seek to play the system to obtain an advantage at the expense of their lending peers. I'm all for it when it's used to raise emergency funds, which was the very reason stated by BC that it was set up for. Simple to restrict such practises if BC introduce a rule that you can only sell if you forfeit all interest earned. This would sort the genuine emergency fund raisers from the flippers. As new2p2p stated earlier in this thread, early exit fees are not uncommon. 50% of the forfeited interest could go to the purchaser as a reward for buying into a short term loan and 50% to BC to cover admin costs. Edit: Just to be clear, I am not a disgruntled investor who missed out on the latest loans, I use the auto invest facility so I'm in there anyway. My beef is that I like to see fair play and there's something rather unfair about using a SM, that was established to give us emergency access to our funds, as a tool to flip loans.
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SteveT
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Post by SteveT on Mar 3, 2017 13:05:37 GMT
Also apparently £100k available in a big one that went live in early January
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markm
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Post by markm on Mar 3, 2017 16:20:47 GMT
Having just signed up with BC and deposited cash this week ... do you get email notifications of new/pipeline loans (or anything available on the SM)or do you have to keep checking the site? Cheers
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Steerpike
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Post by Steerpike on Mar 3, 2017 16:45:08 GMT
Having just signed up with BC and deposited cash this week ... do you get email notifications of new/pipeline loans (or anything available on the SM)or do you have to keep checking the site? Cheers Best bet to get started is to use auto invest, you need to deposit enough for 3 loans, so at least £15k, and send an email asking to be added to the auto invest group specifying your maximum per loan. If you end up with part of a loan that you really don't like you have a day or two to ask to have your investment cancelled. Auto investors get higher priority.
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markm
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Post by markm on Mar 7, 2017 17:50:32 GMT
Having just signed up with BC and deposited cash this week ... do you get email notifications of new/pipeline loans (or anything available on the SM)or do you have to keep checking the site? Cheers Best bet to get started is to use auto invest, you need to deposit enough for 3 loans, so at least £15k, and send an email asking to be added to the auto invest group specifying your maximum per loan. If you end up with part of a loan that you really don't like you have a day or two to ask to have your investment cancelled. Auto investors get higher priority. Thanks for the suggestion. As a newbie to the platform I'm inclined to start a bit more cautiously if possible, but will bear it in mind for the future.
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Steerpike
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Post by Steerpike on Mar 7, 2017 18:29:52 GMT
To begin with, I did the same but it was a bit frustrating trying to get invested.
E-wallet updates can take a few hours.
I believe that investment priority is given to auto-investors, then manual bidders that hold funds on account, followed by larger investors (£15k+) via email, and lastly those that transfer funds in response to the loan notification.
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markm
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Post by markm on Mar 10, 2017 16:40:25 GMT
Nothing today ... or did I just miss them again?
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